Crisis Of Capitalism? Or Just More Scaremongering By The Elite Control Freaks?

 Many articles, reports and essays published in the past month have warned of the coming collapse of the global economy, the unsustainability of democratic nations' debt burdens and the destructive effects of policies like Net Zero and mass migration, in ways that suggest the 'capitalist economies' of democratic nations are in a terminal crisis.

Although capitalism is usually described as a system of free markets and voluntary exchange, in reality, it frequently relies on collusion, corruption and state-corporate coercion and violence. Given the extent of government and NGO intervention and manipulation of markets by global banks and corporate business there is little free or voluantary about it.

While it is debatable whether “free markets” ever existed this notion obscures rather than reveals what really happening. In the history of capitalism (300-400 years ago) it has undergone many changes. Most important for this discussion is that what is described as “free market capitalism” is really what is was known as capitalist free-competition. This form of capitalism indeed does look like what (US) Libertarians sing hosannas to (innovative, responding to demand efficiently etc).

However, while this form of capitalism still exists, it is vastly subordinated to monopoly capitalism, which is also known as finance capitalism and imperialism. This transformation to the dominance of finance capital was in place by 1900. Ukraine, Iran – these are imperial project by the West. Imperialism requires total domination. Sovereign independence is not acceptable to the imperial countries (US, Britain, Europe). Besides a much greater level of control over the populations of the imperial core, another objective of the Covid policies was to transfer the crisis of finance capital’s need for superprofits to exploit its own population – a massive transfer of wealth to oligarchs of finance capital.

If you command $10 thousand dollars of capital, you can have a nice vacation for your family. If you command $10 Trillion dollars of capital, you can buy countries, wars, the future of humanity itself. It is the degree of concentrated wealth that really determines imperialism. If you want you can call the “globalists” imperialists. They are. The problem is that monopoly capitalism grew out of the capitalism of free-competition, it interpenetrates everything.

FROM THE ARCHIVE: 

Swedish Media Outlet Publishes Leaked U.S. Document On How to CRUSH Europe Economy via Ukraine War Effort
Swedish news organisation Nya Dagbladet has published a leaked top secret US plans to use the war in Ukraine and an induced energy crisis to destroy European economies. The report claims the RAND Corporation a defence and foreign policy think tank founded by military aircraft maker Douglas has the official aim of improving policies and decision-making, is the source of its evidence.

Has Putin Has Pushed Europe Into Economic Depression, Hyperrinflation and Currency Collapse?
Though it was entirely predictable and indeed had been expected for some time, the news over the weekend that the Nord Stream 1 pipeline which feeds gas from Russia to northern Europe via The Baltic route had been shut down completely by The Kremlin in retaliation for the continued financial and military support given by NATO and EU member states to Ukraine in the conflict with Russia. The European Commission, governing body of the EU, immediately put the community on something close to a war footing, ...
Continue reading >>>

The True Cost Of The Green Energy Boom Is Now Being Realized
For four decades we have been fed a constant stream of propaganda assuring us that green energy was the only way forward if we wanted to secure supplies of the energy essential to a modern society while preventing the environmental catastrophes that would be the inevitable consequence of climate change caused by the Carbon Dioxide (CO2) emitted by human industrial, commercial and social activity. ... Continue reading >>>

Do We Have A Winter Of Civil Disobedience Ahead?
As many people in Britain slap on the apres sun gloop in the wake of what passes for a heatwave in these cool cloudy climes, our inept politicians caught with their pants down by unusual weather as usual have heard that that winter is coming and are making plans for a coldwave. We are in the grip of an energy crisis at the height of summer. Last week, it was reported that the UK government is laying down plans for a “reasonable worst-case scenario” including blackouts for industry and even households. And this is as energy prices spiral out of control to new records every day.

The Truth About Coal And The Lies Of The Elite
So much for all the COP 26 banter late last year. Let me remind you. The elites all flew in on their private jets and promptly told us we’re all (royal we) getting off fossil fuels and killing coal.So how’s that turning out? The usage of coal is now at record highs:

Britain is Breaking Down; The Economy Is Struggling, Living Standards Are Falling, Institutions Are Failing
Successive governments have brought Britain to its knees.This article will focus on Britain as representative of the general malaise that is afflicting almost all the developed world. Our current crop of politicians have discarded the resources that brought the country out of the post war decline ... In spite of being rich in energy resources Britain is now in an energy crisis, our leaders have sacrificed prosperity on the altar of Net Zero, committing the nation to our reducing our 1% contribution to harmful emissions still further ...

Official Advice - Prepare For Blackouts This Winter

The UK government is putting plans together for days of organised blackouts this winter, in what they call a "reasonable worst-case scenario" for energy shortages, according to reports in manstream media. Naturally they are blaming this on the embargo on importing gas from Russia but in reality Britain has never imported any more than a small amout of its gas from Russia. The real reason politicians and energy company CEOs are panicking is entirely due to their obession with obtaining all our energy from intermittent sources like wind and sunshine ...

"Revolution Has Begun": 75,000 Brits Plan To Stop Paying Power Bills In Protest At Energy Rip Off
Resistance is growing to spiralling domestic energy costs in Britain as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again. 

If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK," an anonymous group spearheading the effort to have more than one million Brits boycott paying their power bill by Oct. 1.

Is Russia Selling Its Oil To The World Through An Obscure Egyptian Port?
As this blog predicted when NATO and EU member states shot themselves in the foot by reacting to Russia's invasion of Ukraine with sanctions that prevented Russia from selling oil, gas and vital raw materials to the countries that needed them most, the NATO and EU member states, the Russians have had no problems finding alternative customers for their gas and oil and no problem getting oil into the world's commodity markets through the back door.

Has Putin Has Pushed Europe Into Economic Depression, Hyperrinflation and Currency Collapse?
Though it was entirely predictable and indeed had been expected for some time, the news over the weekend that the Nord Stream 1 pipeline which feeds gas from Russia to northern Europe via The Baltic route had been shut down completely by The Kremlin in retaliation for the continued financial and military support given by NATO and EU member states to Ukraine in the conflict with Russia. The European Commission, governing body of the EU, immediately put the community on something close to a war footing, ...
Continue reading >>>

Jingoistic Western Triumphalism Will Not End The War In Ukraine Or Cripple Putin, But It Is Crippling Western Nations
As the war in Ukraine grinds on and Russia steps up its economic war against the west and in particular The European Union, claims made recently by the idiotically 'woke' leaders of Europe's main economic and military powers that the West has a once-in-a–generation chance to severely weaken Russia’s capabilities, both militarily and geopolitically, look increasingly hollow. Putin's critics have cited 'Western unity' as one of the main reasons why Russia will be economically destroyed and politically humiliated when the Ukraine's military finally claim victory.

European Union Is Again Close To A Meltdown As Eurozone Economy Collapses
Once more we return to the political instability and economic fragility of the European Union as the conflict in Ukraine combined with loonytoons Climate Change mitigation policies, the failure of 'sustainables' to meet ever increasing demand for electricity, fod shortages and rampant price inflation put economic and social pressure on governments of member states ...

Debunked: The Great Renewable Green Delusion
The war in Ukraine has not caused the global energy crisis of early 2022 byt merely exacerbated it. Currently the nations currently in conflict with Russia over its incursion into Ukraine are those which are most dependent for their energy needs on Russian oil and gas. And now their loonytoons 'net zero' green energy policies have failed they are biting the hand that feeds them.

Putin, Macron To Hold Urgent Talks To Halt Military Escalation In Ukraine
Even though the leaders of Ukraine itself are talking down the threat of war with Russia over the breakaway region of Donbas, America and Britain are still beating the war drums and demonising Russian leader Vladimir Putin. Russia insists they have no plans to invade Ukraine and one western leader at least, France's Emmanuel Macron, seems to be listening to messages coming out of the East European trouble spot...

British Government Laundered Fake U.S. 'Intelligence' On Ukraine
The British government on Saturday accused Russia of organizing a plot to install a pro-Moscow government in Ukraine, as the Kremlin masses troops near the Ukrainian border. The U.K. Foreign, Commonwealth and Development Office gave relatively little information about the intelligence unveiled Saturday other than to say that the Russian government was considering trying to make a Russia-leaning former member of Ukraine’s parliament, Yevhen Murayev, the country’s new leader. Continue reading >>>

Italy Pondering Total Ban On Unvaccinated In The WorkplacesItaly's unelected governments, which has already faced riots and massive resistance to its authoritarian measures to strip away citizens rights and liberties under cover of pretending their actions are necessary steps to deal with the pandemic, now risks plunging the country into greater chaos by mandating vaccines for the workplace.
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NatWest Imposes New Cash Limits In Latest Push Towards A Cashless Society

 

NatWest RBS banking group, which owns Coutts, the bank involved in the debanking of Nogel Farage story, and itself largely owned by the government on behalf of We The Taxpayerssince 2009, has granted itself “sweeping new powers” to limit the amount of cash customers can deposit and withdrawal, triggering warnings that banks are operating as a cartel to force customers towards abandoning cash completely and accepting a “cashless society” which would pave the way to electronic surveillance of our financial activity.

NatWest, one of the UK's major high street banks has advised current account holders it is bringing in new terms and conditions “giving us the right to set limits on inbound and outbound payments”.

In a leaflet it said that could include imposing “daily and annual” cash withdrawal and deposit limits and “limiting the amount of cash” paid in or taken out.The move has aroused concerns that curbs on the use of paper money (legal tender in case the snivel servants at the Treasury have forgotten the laws,) could have negative consequences by allowing banks and government agencies to freeze customer's accounts or defund people engaged in lawful activities the government wished to suppress.

In a classic case of bad timing, the move comes just as the group is under scrutiny over the scandal that erupted after the “de-banking” of Nigel Farage who then revealed that Coutts – which is owned by NatWest Group – had closed his account because it disagreed with his political views.

NatWest said it was making the change to “protect our customers from the risk of fraud” and that it was nothing to do with limiting customers’ access to cash. Banks have been told to do more to tackle financial crime by the City watchdog but claiming that limiting cash will do that is bollocks, far more fraud is done online than in cash now.

The way banks and bureaucrats always cite prevention of fraud and money laundering as justification for their push to abolish cash is so far off the reality as to be laughable. Banks and online payment services are by far the biggest players in the money laundering business and it is far easier to launder large amounts money via computer systems than by carrying briefcases full of banknotes around.

Look up 'Double Irish with a Dutch sandwich' if you doubt me. It explains how banks and corporations launder their vast profits to evade tax.

https://www.offshoreaffairs.com/post/double-irish-dutch-sandwich-tax-avoidance-explained 

If we lose cash we lose our freedoms - effectively vassals of the state - a form of feudalism for the modern age. Every penny we possess can be seen by the state, every penny we spend will be monitored.

Some or all of our wealth could be removed at the press of a button if it’s considered we have too much for our needs, if the state considers it could make better use of it or it’s felt we have expressed thoughts the authorities don’t want expressing.

Our ‘money’ if that’s what it would still be called, could be electronically ring-fenced for purchases the authorities approve of and prevented or limited for use on purchases they don’t. Investment would disappear - who would want to save when the state could remove our savings at a stroke?

The possibilities for control are endless. 

 

Nigel Farage, who led the successful campaign to vote the UK out of the European Union and is now organising a campaign against authoritative overreach by banks, said it was deeply worrying that banks are now giving themselves such sweeping powers to dictate how customers’ handle their money.

“The wider de-banking scandal I have uncovered has already demonstrated that banks cannot be trusted to wield such power responsibly, given the way they have closed people’s accounts purely because of the political views they hold,” he told The Telegraph, adding “There will now naturally be fears that customers who fall foul of the corporate thought police could see their access to cash cut off. Jeremy Hunt must act swiftly to make sure that this cannot happen and that legal tender remains legal tender.”

NatWest's  new rules, which come into force on Sept 11, state that: “We may apply limits to payments to and from your account, for example, to the amount of cash you pay in or withdraw, or to payment types where there is a high risk of fraud, scams or other crimes.”

Anne-Marie Morris, a Tory MP who sits on the Commons treasury committee, added: “We should not be moving to a cashless society without consumer consultation and consent.

“Of course we must ensure money laundering is not allowed to flourish. But there is a balance and society cannot just be deprived of cash because it suits banks and regulators.

“The fraud and money-laundering rules seem to be wagging the tail of the cash dog.”

RELATED:

Posh Peoples Banker Humbled By Public Backlash To Authoritarian Debanking Policy
Much discussion in UK media and as far away as The USA and Australia this week has focued on the decision by Coutts (the posh people's bank,) to ‘de-bank’ former UKIP leader Nigel Farage, the political outsider who successfully steered the campaign to take Britain out of the EU to victory in a national referendum. According to Coutts initial responses to media attention the decision was taken because of reputational concerns.

Is Switzerland About To Become First Country To Outlaw A Cashless Society?
As in neighboring Germany and Austria, cash is still king in Switzerland albeit a much diminished one. But the Swiss will soon have the chance to vote on whether to preserve notes and coins indefinitely.

Negative Interest Rates & The War On Cash, Part 3: "Beware The Promoters"
Bitcoin and other electronic platforms have paved the way psychologically for a shift away from cash, although they have done so by emphasising decentralisation and anonymity rather than the much greater central control which would be inherent in a mainstream electronic currency. Despite the loss of privacy, electronic currency is much favoured by techno-optimists, but not so much by those concerned about the risks of absolute structural dependency on technological complexity.

Beware the dangers of a cashless society
As the country celebrates tradition and prepares for change, one major shift is closer than ever – our move towards becoming a cashless society. It is hard to imagine money without the Queen’s profile proudly embossed, defining our Elizabethan generation in a centuries-old British tradition, but the monarch’s face is fast disappearing from our pockets.

War On Cash Gathers Momentum - Germany Unveils Cash Controls
On Monday (1 February, 2016) just two days ago, Bloomberg called on the central banks of the world to “bring on a cashless future” in an Op-Ed that calls notes and coins "dirty, dangerous, unwieldy, and expensive." We can imagine it would be quite easy to harm someone by firing large coins at them from a gun and terrorists could probably stuff an improvised explosive device with small coins rather than nails or nuts and bolts. And if ...

Posh Peoples Banker Humbled By Public Backlash To Authoritarian Debanking Policy
Much discussion in UK media and as far away as The USA and Australia this week has focued on the decision by Coutts (the posh people's bank,) to ‘de-bank’ former UKIP leader Nigel Farage, the political outsider who successfully steered the campaign to take Britain out of the EU to victory in a national referendum. According to Coutts initial responses to media attention the decision was taken because of reputational concerns.

Is Switzerland About To Become First Country To Outlaw A Cashless Society?
As in neighboring Germany and Austria, cash is still king in Switzerland albeit a much diminished one. But the Swiss will soon have the chance to vote on whether to preserve notes and coins indefinitely.

Negative Interest Rates & The War On Cash, Part 3: "Beware The Promoters"
Bitcoin and other electronic platforms have paved the way psychologically for a shift away from cash, although they have done so by emphasising decentralisation and anonymity rather than the much greater central control which would be inherent in a mainstream electronic currency. Despite the loss of privacy, electronic currency is much favoured by techno-optimists, but not so much by those concerned about the risks of absolute structural dependency on technological complexity.

Beware the dangers of a cashless society
As the country celebrates tradition and prepares for change, one major shift is closer than ever – our move towards becoming a cashless society. It is hard to imagine money without the Queen’s profile proudly embossed, defining our Elizabethan generation in a centuries-old British tradition, but the monarch’s face is fast disappearing from our pockets.

War On Cash Gathers Momentum - Germany Unveils Cash Controls
On Monday (1 February, 2016) just two days ago, Bloomberg called on the central banks of the world to “bring on a cashless future” in an Op-Ed that calls notes and coins "dirty, dangerous, unwieldy, and expensive." We can imagine it would be quite easy to harm someone by firing large coins at them from a gun and terrorists could probably stuff an improvised explosive device with small coins rather than nails or nuts and bolts. And if ...

The Folly Of Using Inflation To Reduce The Debt As the Obama administration starts to seriously consider minting Trillion dollar coins to reduce debt by fuelling massive inflkation the Daily Stirrer's finance expert explain why this would not work and would have catastrophic consequences.

A Dickensian Christmas Gift: Mister Micawber's Economic Wisdom
Despite the ever growing dunghill of evidence to the contrary lefty politicians around the world continue to call for higher taxes, more government spending and collectivist solutions while the clueless Obama administration embark on another futile round of "quantitative easing. What they are trying to do is inflate away debt but inflation is the curellist stealth tax. (Also posted at Scribd)

The Folly of World View Theorists From The Left And Right World view theorists abound on the right and left of the political spectrum. Neo - con Free Market Freaks butt heads against big government collectivists as they compete to offer the most authoritarian and unworkable solutions to the world's ongoing crisis. The one element they always factor out of their calciulations however, human nature, is always the one that sneaks up and bites their arses.

Marxism: The Main Cause Of Poverty And Inequality
The idea that some watered down form of Marxism can relieve poverty while a system based on free enterprise, personal liberty and responsibility and small governmen can only widen the gap between rich and poor is widely held and completely wrong.

The Folly of World View Theorists From The Left And Right World view theorists abound on the right and left of the political spectrum. Neo - con Free Market Freaks butt heads against big government collectivists as they compete to offer the most authoritarian and unworkable solutions to the world's ongoing crisis. The one element they always factor out of their calciulations however, human nature, is always the one that sneaks up and bites their arses.

[ Cashless Society ] ... [ debt crisis ] ... [ Money from fresh air ] ... [ Money index ] ... [ Banks' money magic ]

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News in Brief 30 June 2023

'France Has Fallen': Dramatic Footage Shows Social Unrest Spreading In Third Night

by Tyler Durden, Zero Hedge, Jun 30, 2023

Picture source: Le Monde / AFP

The police killing of a 17-year-old during a traffic stop on Tuesday has unleashed three consecutive days of social unrest across France. Bloomberg reports more than 600 people were arrested Thursday night into Friday, with a majority of them between the ages of 14 and 18. Rioters targeted municipal buildings, town halls, and libraries in various major cities, stores were looted, and all hell broke out nationwide as the government deployed 40,000 police officers yesterday afternoon to quell the violence. About 200 officers were injured overnight in the Paris suburb of Nanterre, where the teen was killed. The unrest is so bad that President Emmanuel Macron left an EU summit in Brussels, where he will hold another emergency security meeting Friday, AFP reported, citing his office ... Continue reading >>> MORE POSTS France (catalogue)
Europe Unglues

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The Controlled Demolition Of The Nation State

 

by J.B. Shurk via American Thinker, 30 June 2023

Generally speaking, central banks are empowered to control the supply of money by employing a number of tools that include buying government debt, selling government bonds, adjusting reserve requirements, and setting official interest rates.  Operating under various legal mandates to sustain an overall healthy economy, central banks ostensibly pursue policies that will produce relatively low inflation, steady economic growth, and low public unemployment.  

What if these stated goals are merely talking points meant to justify a central bank's continued monopoly over a nation's creation of money, and the true objective of any central bank is to maximize wealth for the wealthiest economic players?  Central banks, after all, are usually institutionally independent from government interference.  They are private firms managed by the world's financial elite.  How might a central bank pursue a hidden agenda to grow the wealth of its friends at the public's expense?

The easiest and most effective way would be to create artificial "boom and bust" cycles during which economies greatly expand and then quickly shrink.  How does this work in practice?  ... Continue reading >>>

 

MORE on the money scam: Money & Finance

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Zoltan Pozsar Warns Russian Sanctions Threaten Dollar's Reserve Status

 

2 March 2022

Credit Suisse money market guru Zoltan Pozsar ominously warned this week that the response of the NATO alliance and its allies to Russia's incursion into Ukraine may have triggered a chain of events that eventually leads to the demise of the dollar as the reserve currency.

Speaking to Bloomberg, Pozsar,  who also warned that shutting Russia out of the global financial system could cause central banks to pump fiat money into economies to stabilize markets, noted that wars tend to have huge impacts on global currencies, and with Russia's foreign currency reserves frozen, the message is that governments can’t count on money stashes in 'safe' economies to actually be theirs in the event of trouble. 

Shockwaves quickly spread round the world when Western powers announced that the financial  'nuclear option' would be used to punish Russia for its invasion of Ukraine,  sanctions against the country's central bank effectively freezing it out of global capital markets and targeted expulsions of key Russian banks from SWIFT, the international, inter - currency payments system, These sanctions were intended to lock Russia out of the western financial system and leave its oil export trade,  a key lifeline for the Russian economy, crippled. 

This was the first time the global reserve currency was weaponized against a G20 economy, creating a template for how the west would respond to any other nation that followed in Russia's footsteps , something which China is clearly contemplating vis-a-vis Taiwan. Unfortunately Russia and China forgot to indicate their acceptance of the T&Cs. So a few years ago, as this blog reported in our currency Wars page, in collaboration with China the Russian government created an alternative to SWIFT to serve as a workround should the western powers ever try to use financial sanctions to coerce nations into compliance with western policy. To date banks in over 100 nations have joined this system.

As a result of the sanctions shenanigans, and following this week's dramatic freeze of the Russian central bank overseas assets, some economists including the aforetementioned Zoltan Pozsar to question just why countries build foreign currency reserves at all and, more broadly, whether the unprecedented western response to Russia hasn't jeopardized the dollar's reserve currency status.

In taking what Reuters described as the "biggest hammer in the toolshed", to the biggest supplier or as commodity even more essential than oil and natural gas, the G7 and European Union governments by blocking certain Russian banks' access to the SWIFT international payment system and also went a step further than many expected by paralyzing about half the Russian central bank's $630 billion worth of foreign currency and gold reserves. In doing so, the west hoped to undermine Moscow's ability to defend the ruble - which has lost up to a quarter of its value in currency markets since Friday alone..

Unfortunately Russia anticipated this move too and in February quietly imposed a ban on the export of Ammonium Nitrate, the essential component in terrorist Improvised Explosive Devices, but also to active ingredient in commercial fertilizers. In getting is retaliation in first, Vladimir Putin has ensured those nations currently ganging up on Russia will face vastly reduced crop yields in 2022, rocketing food prices and a crisis that will continue into 2023 at least, assuming that Russia resumes exports of Ammonium Nitrate by then.

While the financial sanctions are a blow for Russia's economy, Reuters' Mike Dolan wrote that the move not only revealed the weakness of the west's negotiating position with Russia and China but prompted questions about whether targeting reserve holdings as an act of "economic warfare" may prompt a rethink by central bank economists  in countries not inclined to toe the USA / NATO line over where to bank their national stash. Gold and Bitcoin are currently looking like good bets.

 

As Uber Implodes Are Unicorns An Endangered Species?

Unicorns, they're fabulous, beautiful, mystical and infallible. And they have no substance to enable them to survive in the real world. I'm not talking about the Unicorns in fairy stories, like Tinkerbell they will exist in the real world as long as someone believes in them. No, I mean the high tech Unicorns that have emerged from Silicon (Silly con?) Valley in the past decade. It will take more than belief to preserve their existence.

 A, according to Investopedia a unicorn, in the world of business, is a company, usually a start-up that does not have an established performance record, with a stock market valuation or estimated valuation of more than $1 billion. As if those drawbacks were not enough to deter smart investors, most of this new breed of Unicorns have been high tech companies which have no proven business model, product or service, distribution or agent network and no revenue stream.

The start ups are mostly involved in disruptive technologies, that is those technology developments that are hyped as having the potential to change the world for the better (like Twitter !!!).

Perhaps the most notorious of the new wave Unicorns to date is (was) Solyndra, a company that had a revolutionary idea for making very run of the mill solar panels and thus revolutionising the energy generation and supply industry. Trouble was the guys behind Solyndra knew how to spend other peoples' money but were not only clueless about how to make solar panels, but also about how to keep accounts, cost and plan projects hire competent employees or sell products. The last one did not matter because after spending upwards of $$$ half a billion, Solyndra went bust without having made a single solar panel.

Unicorns everywhere, particularly high - tech unicorns whose sole purpose is to disrupt, regardless of profitable business metrics, fundamentals, or even laws, obtain funding from venture capitalists (including the one run by the CIA),  find an Investment Bank to manage the IPO (stock exchange launch), and then the founders cash in their chips. Twitter is fading, Facebook would be strggling but for the US Government being prepared to pay for the data FB steals, Snapchat stock soared because after the launch the hi - tech fanboys piled in, but is now plunging as harder headed investors shun the stock. But the company that has recently been help up and proclaimed the one leading the rush to a Brave New World is Uber. Unfortunately things are not as rosy for Uber as the publicists would have you believe.

Many commentators who should have known better held this company up as “the role model” for how to run, how to fight, and how to play by your own rules regardless if those rules may turn out to be in violation of known laws. i.e., “It’s all about disrupting and the Benjamins – screw everything else.” (i.e., AirBnB™ and it’s now legal issues as one example)

Not only are there issues relating to the hipster entrepreneurs belief that laws do not apply to 'cool people', these Unicorn start ups also have a reputation for being able to burn vast amounts of money without generating enough heat to boil a small kettle.

That approach to business development works as long as the central banks of major economies keep the bank rate near zero, effectively the investment banks are playing with “free money” (In fact it is not free, it is underwritten by us poor taxpayers). But when, as is happening now, the politicians realise that printing money causes far more problems than it solves, business fundamentals such as cash on hand, turnover, gross and net profits, P/E ratio*, corporate governance et cetera which were shunned by the geeks who founded Unicorns on the back of a mobile phone app or something equally flimsy, come back to haunt anyone who put money in.

2016 was supposed to be the “rebirth year” of the IPO. So was 2015 before it. And 2014, in fact every year since the crash of 2008 has been hailed as the dawn of the Brave New World, when machines that could think better than humans led us out of the wilderness, and creative accounting apps would change the way money worked so the more debt a person took on the richer they became. Hint: It  didn't happen, once again the nerds failed to distinguish between wishful thinking and solid, achievable plans. High Frequency Trading algorithms that we were promised would give us infinite economic growth led to wild fluctuations in stock, commodity and currency values as a financial product could be bought, sold, bought, sold and sold again in a few minutes. This has made it effectively impossible to know what anything is really worth.

 Uber, beset by scandals, wounded by an exodus of senior managers, burning money at an accelerating rate and facing greater legal issues than AirBnB and a loss of confidence on stock markets looks set to lead the next race to the bottom, as Newton's law of physics, the ones that explain why bubbles must burst, reassert themselves. If, or more realistically when Uber, with no market launch in sight, needs to go back to the funding rounds (and it is safe to speculate it will, with its self verified cash burn woes) and all the dirty laundry, sex scandals, management incompetence, dodgy accounting, blatant contempt of laws and regulations,and excess baggage is exposed in mainstream media to the entire investing world, the great cash burner will just run out of fuel and find nobody willing to take their credit cards.



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Europe's Bank Crisis Arrives In Germany: €29 Billion Bremen Landesbank On The Verge Of Failure

... yesterday we observed a surprising development involving Deutsche Bank, namely the bank's decision to quietly liquidate some of its shipping loans. Reuters reported, "Deutsche Bank is looking to sell at least $1 billion of shipping loans [a market sector] whose lenders face closer scrutiny from the European Central Bank.

The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly

Significant moves in the global chess game have just rendered the huffing and puffing of warmonger Obama meaningless and will break Wall Street's monopoly in controlling oil markets. The move is part of Vladimir Putin's long-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the US dollar, in effect ...

The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly
In a move that went almost completely unreported in mainstream media, Russia has recently opened a market for the trading of physical and 'paper' oil (futures) in Moscow in Roubles. This is the most blatant challenge yet to the domination of the US dollar in world trade.

Greenpeace stunt backfires. Exposes Green Energy Scam!It's always great to mock the Watermelon when they shoot themselves in the foot but this exapmple of the self interest that underpins their climate science and green energy scams is classic.

Anti Austerity Protests Bring European Capitals To A Standstill
Angry protests have left many European capitals in chaos as millions of workers joined strikes against austerity measures they claim have made their national economies worse. Trade unions in Spain, Greece, Portugal and Italy staged a series of demonstrations throughout the continent on the ...

Government Powerless Against a New Wvve Of Immigration
The government is powerless to stop tens of thousands new migrants heading to Britain after a new EU borders shake-up, Theresa May has admitted. The Home Secretary yesterday warned the Government is legally unable to block Romanian and Bulgarian citizens from coming to the UK under an expansion of ...

Poverty tycoons who make themselves millionaires from taxpayer-funded foreign aid budgetIn responce to questions about Britin's overseas aid budget,David Cameron has said at the United Nations that rather than cutting aid to developing nations in these austere times UK taxpayers should be happy it is being increased. Meanwhile with her own millions safely tied up in trusts Hillary Clinton demands global wealth taxes to raise money for helping the disadvantaged.

The Folly Of Trying To Inflate Away Debt

As the debt crisis grinds on and the creit crunch mutates into the credit famine the clueless politicians and even more clueless economists and academics who advise them can only think of one course of action. That is to inflate away their debt problem by devaluing currency to the extent at whic a bag of potatoes or wheat grain costs $£€ 1 trillion. Inflation is the cruellest tax, destroying the savings and pensions of sensible people and rewarding irresponsibility.

Feeding The Monster

As Spain's economy nears collapse and economists call for Europe's taxpayers to stump up still more money for a bigger bailout fund to save bankrupt nations, The Daily Stirrer economic expert under his new nom de plume explains why efforts to save the Euro are throwing good money after bad.

The Eurozone slow Motion Train Wreck Is Still Happening

Some people, even among the well informed crew of sceptics who read The Daily Stirrer may have been taken in by all the politicians' lies and the official statistics based on manipulated data, and believed things could only get better. Well no matter how many band aids the New World Order stick over the gaping wound in the global economy, the blood soon starts gusing out again. It's the debt you see, no matter how much money is ...

The Eurozone slow Motion Train Wreck Is Still Happening

Some people, even among the well informed crew of sceptics who read The Daily Stirrer may have been taken in by all the politicians' lies and the official statistics based on manipulated data, and believed things could only get better. Well no matter how many band aids the New World Order stick over the gaping wound in the global economy, the blood soon starts gusing out again. It's the debt you see, no matter how much money is ...

Why hasn’t quantitative easing worked for the UK economy?

Ministers of the Coalition government have waxed lyrical about how the UK economy would avoid another recession and start to grow this year, or at least stagnate. But according to the Organisation for Economic Cooperation and Development (OECD) we are going to enter another recession on April’s Fool Day. The Daily Stirrer told you this was inevitable of course.How the government get it as wrong as their ...

Chasing Bubbles
Holy City
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The War On Cash Intensifies In Response To Trump and Brexit

Having discontinued its production of EUR500 banknotes, it appears Europe is charging towards the utopian dream of a cashless society. Just days after Davos' elites discussed why the world needs to "get rid of currency," the European Commission has introduced a proposal enforcing "restrictions on payments in cash."

With Rogoff, Stiglitz, Summers et al. all calling for the end of cash - because only terrorists and drug-dealers need cash (nothing at all to do with totalitarian control over a nation's wealth) - we are not surprised that this proposal from the European Commission (sanctuary of statism) would appear...

The Commission published on 2 February 2016 a Communication to the Council and the Parliament on an Action Plan to further step up the fight against the financing of terrorism (COM (2016) 50). The Action Plan builds on existing EU rules to adapt to new threats and aims at updating EU policies in line with international standards. In the context of the Commission's action to extent the scope of the Regulation on the controls of cash entering or leaving the Community, reference is made to the appropriateness to explore the relevance of potential upper limits to cash payments.

The Action Plan states that "Payments in cash are widely used in the financing of terrorist activities… In this context, the relevance of potential upper limits to cash payments could also be explored. Several Member States have in place prohibitions for cash payments above a specific threshold."

Cash has the important feature of offering anonymity to transactions. Such anonymity may be desired for legitimate reason (e.g. protection of privacy). But, such anonymity can also be misused for money laundering and terrorist financing purposes. The possibility to conduct large cash payments facilitates money laundering and terrorist financing activities because of the difficulty to control cash payment transactions.



...



Potential restrictions to cash payments would be a mean to fight criminal activities entailing large payment transactions in cash by organised criminal networks. Restricting large payments in cash, in addition to cash declarations and other AML obligations, would hamper the operation of terrorist networks, and other criminal activities, i.e. have a preventive effect. It would also facilitate further investigations to track financial transactions in the course of terrorist activities. Effective investigations are hindered as cash payments transactions are anonymous. Thus restrictions on cash payments would facilitate investigations. However, as cash transactions are moved to the financial system, it is essential that financial institutions have adequate controls and procedures in place that enable them to know the person with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls in, line with the AMLD.



Terrorists use cash to sustain their illegal activities, not only for illegal transactions (e.g. the acquisition of explosives) but also for payments which are in appearance legal (e.g. transactions for accommodation or transport). While a restriction on payments in cash would certainly be ignored for transactions that are in any case already illegal, the restriction could create a significant hindrance to the conduct of transactions that are ancillary to terrorist activities.



...



Organised crime and terrorism financing rely on cash for payments for carrying out their illegal activities and benefitting from them. By restricting the possibilities to use cash, the proposal would contribute to disrupt the financing of terrorism, as the need to use non anonymous means of payment would either deter the activity or contribute to its easier detection and investigation. Any such proposal would also aim at harmonising restrictions across the Union, thus creating a level playing field for businesses and removing distortions of competition in the internal market. It would additionally foster the fight against money laundering, tax fraud and organised crime.

And then right at the end, they mention "fundamental rights"...

While being allowed to pay in cash does not constitute a fundamental right, the objective of the initiative, which is to prevent the anonymity that cash payments allow, might be viewed as an infringement of the right to privacy enshrined in Article 7 of the EU Charter of Fundamental Rights. However, as complemented by article 52 of the Charter, limitations may be made subject to the principle of proportionality if they are necessary and genuinely meet objectives of general interest recognised by the Union or the need to protect the rights and freedoms of others. The objectives of potential restrictions to cash payments could fit such description. It should also be observed that national restrictions to cash payments were never successfully challenged based on an infringement to fundamental rights.

To refer to the full proposal scroll to the bottom of this frame and click the VIEW ON SCRIBD link.

https://www.scribd.com/embeds/337702404/content?start_page=1&view_mode=scroll&access_key=key-iPD195p5mFmr8y9Q19qH&show_recommendations=true

* * *

It was inevitable of course that with the rise of anti - establishment feeling, the War On Cash, like the various assaults of free speech going on throughout the developed world would become more urgent. The UK vote to leave the EU and the election of Donald Trump in the USA have also made this moved this restriction on personal freedom higher up the elitist control freaks agenda. Below are a few points raised by SovereignMan's Simon Black, who detailed previously that the war on cash is happening faster than we could have ever imagined, and predictably, is based on lies.

Every time we turn around, it seems, there’s another major assault in the War on Cash. India is the most notable recent example– the embarrassing debacle a few weeks ago in which the government, overnight, “demonetized” its two largest denominations of cash, leaving an entire nation in chaos. But there have been so many smaller examples.



In the US city of New Orleans, the local government decided earlier this month to stop accepting cash payments from drivers at the Office of Motor Vehicles. As I wrote to you recently, several branches of Citibank in Australia have stopped dealing in cash altogether. And former US Treasury Secretary Larry Summers published an article last week stating that “nothing in the Indian experience gives us pause in recommending that no more large notes be created in the United States, Europe, and around the world.” In other words, despite the India chaos, Summers thinks we should still curtail the $100 bill.



The conclave of the high priests of monetary policy almost invariably sings the same chorus: only criminals and terrorists use high denominations of cash. Ken Rogoff, Harvard professor and former official at the International Monetary Fund and Federal Reserve, recently published a book blatantly entitled The Curse of Cash. Ben Bernanke’s called it a “fascinating and important book”.



And, shockingly, a number of reviews on Amazon.com praise “brilliant” Rogoff’s “visionary concepts” in his “excellent book”. Rogoff, like most of his colleagues, contends that large bills like the $100 or 500 euro note are only used in “drug trade, extortion, bribes, human trafficking. . .” In fact they jokingly refer to the 500-euro note as the “Bin Laden” since it’s apparently only used by terrorists.



Give me a break. My team and I did some of research on this and found some rather interesting data.It turns out that countries with higher denominations of cash actually have much lower crime rates, including rates of organized crime.



The research was simple; we looked at the World Economic Forum’s competitive rankings that assesses countries’ levels of organized crime, as well as the direct business costs of dealing with crime and violence.



Switzerland, with its 1,000 Swiss franc note (roughly $1,000 USD) has among the lowest levels of organized crime in the world according to the WEF. Ditto for Singapore, which has a 1,000 Singapore dollar note (about $700 USD). Japan’s highest denomination of currency is 10,000 yen, worth $88 today. Yet Japan also has extremely low crime rates. Same for the United Arab Emirates, whose highest denomination is the 1,000 dirham ($272).



If you examine countries with very low denominations of cash, the opposite holds true: crime rates, and in particular organized crime rates, are extremely high. Consider Venezuela, Nigeria, Brazil, South Africa, etc. Organized crime is prevalent. Yet each of these has a currency whose maximum denomination is less than $30.



The same trend holds true when looking at corruption and tax evasion.



Yesterday we wrote to you about Georgia, a small country on the Black Sea whose flat tax prompted tax compliance (and tax revenue) to soar. It’s considered one of the most efficient places to do business with very low levels of corruption. And yet the highest denomination note in Georgia is the 500 lari bill, worth about $200. That’s a lot of money in a country where the average wage is a few hundred dollars per month. Compare that to Malaysia or Uzbekistan, two countries where corruption abounds. Malaysia’s top cash note is 50 ringgit, worth about $11. And Uzbekistan’s 5,000 som is worth a paltry $1.57.



Bottom line, the political and financial establishments want you to willingly get on board with the idea of abolishing, or at least reducing, cash.



And they’re pumping out all sorts of propaganda to do it, trying to get people to equate crime and corruption with high denominations of cash.

Simply put, the data doesn’t support their assertion. It’s just another hoax that will give them more power at the expense of your privacy and freedom.

Defend your personal liberty, insist on using cash whenever it is convenient for small transactions.

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As the General Election campaign starts to heat up, we try to shift focus away from the squabbling between Conservative and Labour about who can make the most promises they have no intention of keeping and to the real issues concerning jobs, social breakdown , mass immigration, and loss of national sovereignty.

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By now it should be obvious that peacemake, joybringer and putative aquatic pedestrian Barack Hussein Obama was never really in charge of the US Government. Whatever Obama said would happen, all the American government's policies ensured the opposit would happen. The embedded article thows some light on how the US government really works

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We told you some years ago when our publication appeared under a different name that the then Labour Government's plan for compulsory electronic ID cards was the step that would take us over the line from a seblance of liberal democracy into oligarchic fascism. Labour's plan was derailed by public opposition but now it has been rehashed and is presented with fluffy window dressing. A vote for Labour, Conservative Or Liberal Democrat is a vote for fascism. You have been warned.

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Bitcoin and other electronic platforms have paved the way psychologically for a shift away from cash, although they have done so by emphasising decentralisation and anonymity rather than the much greater central control which would be inherent in a mainstream electronic currency. Despite the loss of privacy, electronic currency is much favoured by techno-optimists, but not so much by those concerned about the risks of absolute structural dependency on technological complexity.

Death Of Democracy: Why We Can’t Get The Government We Deserve And Vote For.

In every election campaign, in the UK, USA, Canada, Germany, France etc. politicians spout about delivering 'change'. And yet every government we elect, no matter what label they wear or what coulour the use on campaign materials, seems just the same as the last, making the same promises and mistakes. Ever wondered why?

Google quits Spain in paid content row
]
Spain's government have defied Google's vow to shut down its Spanish online news service rather than pay for content, [ ... ] The internet search giant threatened to close Google News Spain in December, 2014, before an intellectual property law enters force in January obliging Internet news scrapers to pay for content automatically lifted from other websites. Spain's culture ministry, said it would go ahead with the new law, Google's response is "a matter for the company".

Bill Gates Pushes Cashless Society

‘Bill Gates is now promoting “digital currency” in third-world countries, which will make the poor even more dependent on central banks while also turning them into guinea pigs for the development of a “cashless society” in the U.S. and Europe.

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European Finance crisis: As Italian banks beg for bailout the infection spreads to Spain.

by Phil T Looker

Italy teeters on the brink again (Image source: Still from The Italian Job, Daily Mail)

Total chaos reigns in European banking stocks this morning as Italian bank Monte Paschi became insolvent when a private sector bailout plan failed. Monte Paschi shates and bonds crashed in European stock markets, the Italian Stock Market was in turmoil and the Italian crisis spread to Spanish banks are also being hit following a European Court ruling on mortgage fraud went against them.

On Monday night, Italy’s finance minister Pier Carlo Padoan confirmed Italy is preparing a €20bn rescue fund for MPS and other weak lenders as the chances of a successful €5bn private recapitalisation of the Siena-based bank recede.

By the evening of Thursday at the latest, it should be clear whether MPS, which was founded in 1472, will have been rescued by the private sector via a €4.5bn debt-for-equity swap and funds from anchor investors including the Qatar Investment Authority. As of Monday only €200m had been committed to the swap, suggesting the chances of pulling off the rescue are slim, said people close to the deal.

MPS’s debt-for-equity swap will close at 2pm Italian time on Wednesday. If it goes badly MPS could already ask the government to step in, said one Italian official.

According to an Italian official only about €2bn of the €20bn will be used for liquidity guarantees, and the rest for recapitalisations and for compensating some retail bondholders. Other banks will be rescued on a case-by-case basis over the coming months now that Italy has a precedent with which to defend against EU bullying. The €20bn rescue fund will abide by EU rules on so-called burden-sharing, which force losses on junior bondholders (small investors, in other words the neo - Fascist EU is protecting the big players again. Benito Mussolini would have been proud.

Italy’s banks currently have one of the highest toxic debt ratios in Europe at 16.4 per cent of total credit outstanding, more than three times the European average of 5.4 per cent, according to Moody’s.

The nationalization, of Italy's three largest banks seems imminent following a Reuters report that the ongoing, JP Morgan-led attempt to put together a private sector bailout of Monte Paschi had failed.

According to Reuters, Qatar's sovereign wealth fund, long considered as the most likely anchor investor with a €1 billion allocation in any rescue plan cash call, decided it is unwilling to invest in the Italian bank, meanwhile Monte Paschi has been unable to find a replacement investor willing to put money in its privately funded rescue plan, less than 24 hours before the offer ends.

As a result, the bank's share issue, which closes at 2 p.m. (1300 GMT) on Thursday, has drawn very little interest from investors.

The bank now needs to raise €5 billion by the end of this month to avert being wound up. The Italian government, which earlier today was given permission by the European Central Bank to issue €20 billion in public debt to use for bank bailout purposes, is expected to step in this week and nationalize the bank.

The approval came after the ECB first refused to extend the deadline for a €5bn recapitalisation of Monte Paschi before the end of the year and fears mounted the bank’s liquidity levels were becoming critical. MPS has lost €14bn, or 11 per cent of its total deposits, from January to September 2016 and warned its liquid reserves would fall under the required level should it suffer another €10bn of deposit outflows under a “stress” scenario calculated by the ECB. That news triggered another rush to withdraw deposits and sent the stock plunging to record lows, shortly before the government agreed that taxpayers would shoulder the burden of the insolvent bank's debts.

Other banks expected to benefit from Italy's state aid in addition to Monte Paschi include Veneto Banca, Popolare Vicenza, Cassa di Cesena, Cassa di Rimini and Cassa di San Miniato.

While economic confidence in the USA is at record levels following the election of Donald Trump, and in the UK, post Brexit, the economy is booming (the pound is still looking weak against the dollar because both have surged against other currencies, particularly the Euro) but elsewhere https://www.bloomberg.com/news/articles/2016-12-21/spanish-banks-lose-eu-case-over-mortgage-interest-repayments-iwyp8kih Bloomberg reports Spanish banking stocks falling after the European Court of Justice ruled that the May 2013 cut-off point for unfair home mortgage payment reimbursements is illegal.

Borrowers who paid too much interest on home loans pre-dating a May 2013 Spanish ruling on so-called mortgage floors are entitled to a refund from their banks, judges at the EU Court of Justice ruled in Luxembourg Wednesday. The court said that a proposed time limit on the refunds is illegal and customers shouldn’t be bound by such unfair terms. Banco Sabadell SA fell as much as 7.5 percent, while Banco Popular slipped as much as 10.5 percent, the largest decliner in Spain’s Ibex 35 benchmark.

"This comes as a surprise and in a bad moment for Spanish banks as most of them would have to make extra provisions to pay for this,” Daragh Quinn, an analyst at Keefe Bruyette & Woods, said by phone. "It will mean pressure on capital generation and profits in the fourth quarter."

The EU court case comes as Spanish banks are under pressure from low interest rates and weak demand for credit, affecting their traditional business of lending. With 521 billion euros, home loans are one of the largest parts of Spanish bank lending business as they grew their real estate exposure during a construction boom in the country that burst at the end of the last decade. Some banks are still making provisions for bad loans, which also adds pressure to profit.

Banco Popular Espanol, Caixabank and Banco de Sabadell suffered most. Santander shares fell 1.25% and Bankinter by just 0.1%.



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